standardized vessels was estimated to be 11.8 million pounds. This

estimate lends some strength to the equilibrium interpretation of the

catch equations used in obtaining MEY. The derived equilibrium catch

obtained from the MEY solution was 11.5 million pounds which is

extremely close to the sustainable yield estimate obtained from equation

(82).

 The 11.5 million pound estimate for MEY is couched in terms of all

reef fish. Since the species composition of reef fish within each state

has been remarkably constant over time, the MEY catch estimate can be

disaggregated into red snapper and grouper catch components. The total

catch of reef fish is estimated to be composed of approximately 7.1

million pounds of red snapper and 4.4 million pounds of grouper (Table

13). The estimated catch proportions indicate the Florida reef fish

catch has the largest grouper composition. On average, approximately 62

percent of total reef fish landings by weight in Florida are attribut-

able to grouper. Grouper comprise relatively small portions of the reef

fish catch in the other reef fishery states.

Exogenous Changes in Fishing Power

 The exogenous treatment of the fishing power components in the

model results in a conditional optimal solution. To examine how the

estimated MEY catch and effort levels change with exogenous changes in

fishing power, average crew and vessel sizes in each state were changed

systematically. Fishing power components in each state were increased

from 10 to 25 percent along a constant ray defined by the 1975 ratio of

vessel size to crew size in each state (Table 14). Florida vessels with

a capital-labor ratio of 7.713 represent the least capital intensive